Commercial Vehicle Group, Inc.
CVGI Consumer Cyclical Auto Parts
Commercial Vehicle Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $649.0 million, down 10.3% from fiscal 2024. In the quarter to June 2026, revenue grew 13.5%, EPS fell 107.1%, free cash flow fell 107.9% and total debt fell 25.0%, each against the same quarter a year earlier.
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Commercial Vehicle Group, Inc. (CVGI) Altman Z-score
Commercial Vehicle Group, Inc.'s Altman Z-score for fiscal 2025 is 1.89, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.89 | (0.23) |
| FY2024 | 2.13 | (0.64) |
| FY2023 | 2.77 | 0.42 |
| FY2022 | 2.35 | (0.58) |
| FY2021 | 2.93 | 0.98 |
| FY2020 | 1.94 | (1.03) |
| FY2019 | 2.97 | (0.30) |
| FY2018 | 3.28 | 0.38 |
| FY2017 | 2.89 | 0.69 |
| FY2016 | 2.20 | (0.26) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.40 | — | 0.47 | |
| Retained earnings / total assets | (0.25) | — | −0.35 | |
| EBIT / total assets | 0.00 | — | −0.01 | |
| Market value of equity / total liabilities | 0.19 | — | 0.11 | |
| Sales / total assets | 1.66 | — | 1.66 | |
| Altman Z-score | Grey zone | 1.89 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.32 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| STRT Strattec Security Corporation compare | 5.0× |
| SRI Stoneridge, Inc. compare | 2.2× |
| CVGI Commercial Vehicle Group, Inc. | 1.9× |
| CAAS China Automotive Systems, Inc. compare | 1.8× |
| MPAA Motorcar Parts of America, Inc. compare | 1.4× |
| PRTS CarParts.com, Inc. compare | 0.5× |
| MVST Microvast Holdings, Inc. compare | −0.2× |
| INVZ Innoviz Technologies Ltd. compare | −7.1× |
| MWC Micware Co., Ltd. - Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets